William Hill PLC (WMH)

[daveh]

Full year results are being discussed here:

viewtopic.php?f=15&t=16522

[PinkDalek]

See an update re "proposed lease restructuring" over at High Yield Portfolios (HYP) - Practical linked below:

viewtopic.php?p=207682#p207682

[tjh290633]

https://www.investegate.co.uk/william-h ... 00044827I/

Financial results

· H1 results in line with expectations during period of transition and Year 1 of new strategy

· Group net revenue up 1% to £811.7m, impacted by £2 stake limit on gaming machines in betting shops and reflecting the acquisition of Mr Green

· Adjusted operating profit(2) down 33% to £76.2m reflecting £2 stake limit and investment in US Expansion

· Exceptional charge and adjustments of £114.3m, including £97.1m relating to mitigation measures following the £2 stake change, including the proposed closure of c700 betting shops, leading to a statutory loss before tax of £63.5m

· Net debt to EBITDA for covenant purposes(4) of 2.0 times, up from 1.0 times at the full year, in line with expectations

· Corporate bond successfully refinanced with new 4.75% seven-year £350m bond maturing in 2026

· Interim dividend of 2.66p per share, consistent with the Board's commitment to an 8p per share underpin

and later:

The Board has approved an interim dividend of 2.66p per share (2018: 4.26p per share). This is in line with the Board's previous commitment to an 8p per share underpin of the dividend during this period of transition, based on our usual practice of paying one third of the anticipated full-year dividend as an interim dividend.

6. Dividends proposed and paid

The directors have approved an interim dividend of 2.66 pence per share (2018: 4.26 pence per share) to be paid on 28 November 2019 to ordinary shareholders on the Register of Members on 25 October 2019. In line with the requirements of IAS 10 'Events after the Reporting Date', this dividend has not been recognised within these interim results.

The market has reacted well, up over 6% at 155.7p as I write.

TJH

[daveh]

Trading statement (for the 3/rd qtr I think):

https://www.investegate.co.uk/william-h ... 00091303U/

William Hill PLC (LSE: WMH) (William Hill or the Group) announces a trading update for the unaudited 17 weeks and 43 weeks to 29 October 2019 (3 July to date and year-to-date). Comparatives relate to the equivalent weeks in 2018.

Operating highlights:
· The Group is trading in line with full year expectations with net revenue up 1% in the period
· Online UK net revenue grew +4% on a pro forma basis1, consistent with the market growth rate
· Retail like-for-like net revenue fell 16% since the half year. Executing our remodelling strategy to mitigate the impact of the £2 stake limit saw the closure of c.700 shops
· US net revenue increased 60% as the market continues to grow; we went live in Indiana and Iowa
· Further progress on player safety with the launch of the Safer Gambling Commitments

Looks like the fall in revenue from UK retail due to the reduction in maximum stake at FOBT machines has been filled by the US venture. We'll find out at the end of the year if the new profits form the USA are sufficient to replace those lost from FOBT machines.

[idpickering]

William Hill PLC Trading Statement

The Group's full-year adjusted operating profit1 for 2019 from continuing operations is expected to be in the range of £143m to £148m, ahead of market and management expectations2, driven by favourable sporting results through the year end.

· The Retail business, having executed the remodelling strategy, generated operating profit above the guided range of £50-70m as we experienced particularly favourable sporting results in December, above the long term gross win margin range. Gaming also performed ahead of expectations.

· Online UK grew in line with the market for the third consecutive quarter; weakness in gaming net revenue was offset by a strong sporting gross win margin. Online International performance was mixed with net revenue expected to be broadly flat on a pro forma basis3 during the fourth quarter; sports book net revenue was weak while a good performance in gaming was driven by Mr Green.

· The US business continued to generate strong growth during the fourth quarter, driven by wagering growth and disciplined investment. We now expect to be breakeven for the US business overall in 2019, compared to the guided range of $0m to -$20m.

https://www.investegate.co.uk/william-h ... 00065152Z/

[idpickering]

CBS Sports and William Hill Announce Partnership

Strategic Partnership Extends CBS Sports' Digital Leadership in Providing Sports Betting Content and Increases William Hill's Reach to Millions of Sports Fans and Fantasy Players

https://www.investegate.co.uk/william-h ... 00155500C/

[daveh]

Final results can be found here:
https://www.investegate.co.uk/william-h ... 00041248E/

and on the HYP-P board here:
viewtopic.php?f=15&t=21973&p=286772#p286772

[idpickering]

Trading Statement and covenant waiver

In response to the COVID-19 pandemic we have acted swiftly and responsibly to protect our customers and colleagues and to ensure the future of William Hill. We have implemented decisive mitigation strategies to minimise cash outflow, reduce our cost base, and preserve our long-term growth opportunities.

· Strong performance achieved in international markets, led by growth in gaming, reflecting continued investment in product enhancements.

· Material impact from the absence of live sport and social distancing requirements leading to the closure of the UK and US retail estates.

· Revolving Credit Facility (RCF) covenants waived for 2020 and reset for 2021, cash burn reduced to c.£15m per month and liquidity in excess of £700m.

· Well positioned across the Group to 'power up' quickly as live sporting events resume and health considerations permit.

https://www.investegate.co.uk/william-h ... 00049820M/

[daveh]

I'm a bit late with updates as Investegate no longer sends me emails, but WMH posted a Covid 19 update and 19.99% placing announcement recently:
Trading Statement
https://www.investegate.co.uk/william-h ... 35051421Q/

William Hill PLC (LSE: WMH) ("William Hill" or the "Group"), one of the world's leading betting and gaming companies, provides a trading update for the unaudited six weeks to 9 June 2020.


We have been delighted to see a strong recovery in recent weeks with the easing of COVID-19 restrictions and the progressive return of sporting events. Our swift actions have enabled us to respond competitively while enhancing customer protection and delivering against our product development goals. We expect the trading backdrop to remain uncertain but are encouraged to see both Online and the US performing ahead of our initial expectations.

Since our update on 15 May 2020 our monthly cash outflow has reduced and we have repaid the outstanding £203m on the 2020 bond. We now have unrestricted liquidity in excess of £500m and a line of sight to generating positive cash flow from our operations in the second half of the year.

On 20 May 2020 we announced that we expected a material refund of VAT which had been incorrectly applied to certain gaming machines. Following further engagement with HMRC and our legal advisors, we now expect this refund to be received in the second half of 2020 and for it to be roughly equivalent to the value of the bond repayment.

Placing
https://www.investegate.co.uk/william-h ... 35091463Q/

William Hill, one of the world's leading betting and gaming companies, today announces its intention to carry out a non-pre-emptive placing of new ordinary shares ("the Placing Shares") of 10p each in the capital of the Company. The Company intends to issue up to 19.99 per cent of its existing ordinary share capital (excluding treasury shares). This will enable the Group to pursue its long-term growth ambitions, to strengthen its balance sheet and increase its strategic and financial flexibility.

There was also a retail offer via PrimaryBid (but you are too late as it happened yesterday -seems we don't get much time to take part, but at least we do get a chance).

n addition to the Placing there will be an offer made by the Company on the PrimaryBid platform of new ordinary shares in the capital of the Company (the "Retail Offer Shares") at the Placing Price (the "Retail Offer"), to provide retail investors with an opportunity to participate.

[daveh]

Interims can be found here:
https://www.investegate.co.uk/william-h ... 00031432V/

for those who hold in an Income or HY Portfolio the dividend remains suspended:

DIVIDENDS PROPOSED AND PAID

Under the present circumstances surrounding COVID-19 and the associated material impact on the revenue and earnings of the Group, the Board has determined that it is appropriate to focus on retaining resources within the Group and has suspended the dividend until further notice. The 2019 final dividend, therefore, was not proposed at the AGM that was held on 15 May 2020 and no interim dividend is proposed.

and overall:

Strategic and operational highlights

· Our digital businesses have delivered good performances with new product launches Online and accelerated product development in the US. Operational emphasis on winning with the customer delivered material improvements in our NPS and customer satisfaction scores

· International Online grew 17%, furthering our strategic goals of both geographic and product diversification

· Our next phase of strategic alignment in the UK is the merger of our UK Online and Retail divisions to achieve a single view of our UK customer and improve operational efficiency. 119 shops will not re-open following the COVID-19 impact on the UK retail environment with minimal cost of closure

· Our exclusive media partnership with CBS Sports is now live in the US, bringing cost efficient customer acquisition and access to a fantasy sports database. Operations commenced in 3 new states8 and the launch of iGaming in New Jersey is imminent. Eldorado's completion of its acquisition of Caesars brings our US market share of sports wagering to 29%

· Substantial increase in the volume of responsible gambling messages and use of 'guard rails' to encourage our customers to play safely

· In light of the robust recovery in the opening weeks of the second half, since mainstream sport resumed and our shops re-opened, Coronavirus Job Retention Scheme monies (the 'Furlough Funds') received from the UK government amounting to £24.5m will be repaid

· Our decisive actions to preserve cash, protect liquidity and strengthen the balance sheet have enhanced strategic and financial flexibility to pursue our growth ambitions



Financial highlights

· Net revenue down 32%, driven by COVID-19 disruption to sporting events and temporary closure of retail activities, partially offset by favourable sports results and a resilient gaming performance

· Online net revenue increased 1%, driven by successful product launches, growth in International and a progressive resumption of sports events post-lockdown

· Adjusted operating profit2 of £11.8m was ahead of expectations due to swift actions to control costs and deliver new Online content

· Statutory operating profit of £148.5m includes recognition of the VAT refund, offset by an £81.9m non-cash intangible impairment of the UK Retail estate reflecting the revised UK high street outlook

· After 13 weeks of 'hibernation' during lockdown, the majority of the UK Retail estate re-opened; reduced staking levels were offset by strong gross win margins which benefitted from the unseasonal contribution from football, leading to flat like-for-like6 net revenue for the last two weeks of June

· VAT refund of £201.6m recognised after tax

· Net debt for covenant purposes4 fell from £536m at 31 December 2019 to £340m following the successful placing of 19.99% of newly issued share capital, resulting in net debt/EBITDA for covenant purposes of 2.1x (31 December 2019: 2.4x)

[AJC5001]

Response to speculation regarding William Hill plc
https://www.investegate.co.uk/william-hill-plc--wmh-/rns/response-to-speculation-regarding-william-hill-plc/202009251308501803A/

As the share price has gone up by about 25% already this month, the increase by another 32%+today as a result of this speculation has prompted me to sell my holding.

I originally first bought on April 2008 and took up Rights issues in April 2009 and April 2013 and subsequently watched my holding value retreat as the Gambling industry endured legislative turmoil. These recent increases in price have taken me into a small profit, so with dividends currently suspended I decided to do as TJH has done in the past and sold out on the rumour rather than wait until any bid materialises.

Anyone else tempted?

Adrian

[tjh290633]

I originally first bought on April 2008 and took up Rights issues in April 2009 and April 2013 and subsequently watched my holding value retreat as the Gambling industry endured legislative turmoil. These recent increases in price have taken me into a small profit, so with dividends currently suspended I decided to do as TJH has done in the past and sold out on the rumour rather than wait until any bid materialises.

Anyone else tempted?

Adrian

Today's rise may well have taken WMH overweight, despite my trimming back last Monday. I've not sold in the expectation that dividends may return, but I certainly believe on taking some more profit on teh way up. Bids have been known to collapse in the past.

TJH

[daveh]

Not been posted yet. Takeover speculation has now become and agreed bid at 272p:
https://www.investegate.co.uk/caesars-e ... 00065177A/

Summary

· The boards of William Hill, Caesars and Caesars UK Bidco are pleased to announce that they have reached agreement on the terms of a recommended cash acquisition pursuant to which Caesars UK Bidco shall acquire the entire issued and to be issued share capital of William Hill. The Acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.

· The Acquisition values the entire issued and to be issued share capital of William Hill at approximately £2.9 billion.

· Under the terms of the Acquisition, William Hill Shareholders shall be entitled to receive:

for each William Hill Share: 272 pence in cash

representing a premium of approximately:

· 57.6 per cent. to the Closing Price per William Hill Share of 172.55 pence on 1 September 2020 (being the last Business Day before Caesars' first approach to William Hill);

· 80.7 per cent. to the volume weighted average closing price per William Hill Share of 150.54 pence for the three months ended 24 September 2020 (being the last Business Day prior to the commencement of the offer period);

·112.5 per cent. to the Placing price of 128 pence per William Hill Share on 17 June 2020; and

·25.0 per cent. to the Closing Price per William Hill Share of 217.60 pence on 24 September 2020.

The Acquisition is conditional on, amongst other things, the approval of William Hill Shareholders.

· The William Hill Directors, who have been so advised by Barclays, Citigroup and PJT Partners as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable. In providing their advice to the William Hill Directors, Barclays, Citigroup and PJT Partners have taken into account the commercial assessments of the William Hill Directors. Barclays is providing independent financial advice to the William Hill Directors for the purposes of Rule 3 of the Takeover Code.

·Accordingly, the William Hill Directors intend to recommend unanimously and unconditionally that William Hill Shareholders vote in favour of the Scheme at the Court Meeting and the resolution to be proposed at the General Meeting as the William Hill Directors have irrevocably undertaken to do in respect of their own beneficial holdings of 2,104,248 William Hill Shares representing, in aggregate, approximately 0.200 per cent. of the share capital of William Hill in issue on 29 September 2020 (being the latest practicable date prior to this announcement).

Further details of these irrevocable undertakings are set out in Appendix III to this announcement.

· The Acquisition shall be put to William Hill Shareholders at the Court Meeting and at the General Meeting. In order to become effective, the Scheme must be approved by a majority in number of the William Hill Shareholders voting at the Court Meeting, either in person or by proxy, representing at least 75 per cent. in value of the William Hill Shares voted. In addition, a special resolution implementing the Scheme must be passed by William Hill Shareholders representing at least 75 per cent. of votes cast at the General Meeting.

· The Scheme Document, containing further information about the Acquisition and notices of the Court Meeting and the General Meeting shall be published in due course.

So do I wait for 272p and also see if anything else appears out of the woodwork at a higher price ( it might as the price is above the offer price at the moment) or sell into the market if the market is offering more than 272p, which it seems to be this morning. I'd be selling at a small profit.

[idpickering]

Trading Statement

Highlights

· Robust Group-wide performance as the return of live sport accelerated and Retail estate reopened

· Continued good performance in International Online with gaming growing double digits, partially offset by unfavourable sports results

· Encouraging UK Online progress, rolling out increasingly competitive product with greater velocity

· Rapid recovery in UK Retail as footfall returned towards pre-COVID levels

· Strong US Mobile growth and a good recovery in US In-Person retail experience as live sport resumed and William Hill opened for business in four new states4

https://www.investegate.co.uk/william-h ... 00037053C/

[dealtn]

Trading update is to 29th September.

I suspect the "Rapid recovery in UK Retail as footfall returned towards pre-COVID levels" is rapidly reversing.

[daveh]

Trading update is to 29th September.

I suspect the "Rapid recovery in UK Retail as footfall returned towards pre-COVID levels" is rapidly reversing.

Yet the share price is 280 as of just now, which is 8p ahead of the all cash takeover offer price of 272p which has been recommended by the board.
So is the market expecting a bidding war for the company?

I hold in my income portfolio and, as I am not getting any Income from them at the moment, perhaps I should sell and reinvest elsewhere. My usual practice with cash takeovers is just to let things progress as they will and take the cash when it appears. Maybe in this case I should be more proactive and sell, but if another buyer appears the takeover price may be pushed up and then I'd miss out. Decisions?

Edit

Just looked at the chart for 1 month. Peaked at 312 just after the takeover (up from ~200 before the offer) and has fallen back to 280 and been at or around that price for most of the month. I guess the market must think there is a small chance of an increased offer, but not much.

[daveh]

Details of the takeover and timings of eevents have just been announced:
https://www.investegate.co.uk/william-h ... 00081266D/

Event                                                     Time and/or date(1)   

Publication of the Scheme Document      26 October 2020

Latest time for lodging Forms of Proxy for the:

Court Meeting (blue form)                   10:30 a.m. on 17 November 2020 (2)
General Meeting (yellow form)            10:45 a.m. on 17 November 2020 (3)

Voting Record Time                             6:00 p.m. on 17 November 2020 (4)

Court Meeting                                     10:30 a.m. on 19 November 2020

General Meeting                                    10:45 a.m. on 19 November 2020(5)

The following dates and times associated with the Scheme are subject to change and will depend on, among other things, the date on which the Conditions to the Scheme are satisfied or, if capable of waiver, waived, and the date on which the Court sanctions the Scheme. William Hill will give adequate notice of all of these dates and times, when known, by issuing an announcement through a Regulatory Information Service, with such announcement being made available on William Hill's website at https://www.williamhillplc.com/. Further updates and changes to these times will be notified in the same way. See also note (1).

Scheme Court Hearing

a date expected to be no later than 14 days after the satisfaction (or, if applicable, waiver) of Conditions 3(a) to (d) (inclusive), (f) and (g) ("D")

Last day for dealings in, and for the registration of transfer of, William Hill Shares

D+1 Business Day

Scheme Record Time

6:00 p.m. on D+1 Business Day

Disablement of CREST in respect of William Hill Shares

6:00 p.m. on D+1 Business Day

Suspension of dealings in William Hill Shares

by 7:30 a.m. on D+2 Business Days

Effective Date of the Scheme

D+2 Business Days

Cancellation of listing of William Hill Shares

by 7:30 a.m. on D+3 Business Days

Latest date for despatch of cheques and crediting of CREST accounts for cash consideration due under the Scheme

within 14 days of the Effective Date

Long Stop Date (6)

31 December 2021

[Changeable]

Details of the takeover and timings of eevents have just been announced:
https://www.investegate.co.uk/william-h ... 00081266D/

Event                                                     Time and/or date(1)   

Publication of the Scheme Document      26 October 2020

Latest time for lodging Forms of Proxy for the:

Court Meeting (blue form)                   10:30 a.m. on 17 November 2020 (2)
General Meeting (yellow form)            10:45 a.m. on 17 November 2020 (3)

Voting Record Time                             6:00 p.m. on 17 November 2020 (4)

Court Meeting                                     10:30 a.m. on 19 November 2020

General Meeting                                    10:45 a.m. on 19 November 2020(5)

The following dates and times associated with the Scheme are subject to change and will depend on, among other things, the date on which the Conditions to the Scheme are satisfied or, if capable of waiver, waived, and the date on which the Court sanctions the Scheme. William Hill will give adequate notice of all of these dates and times, when known, by issuing an announcement through a Regulatory Information Service, with such announcement being made available on William Hill's website at https://www.williamhillplc.com/. Further updates and changes to these times will be notified in the same way. See also note (1).

Scheme Court Hearing

a date expected to be no later than 14 days after the satisfaction (or, if applicable, waiver) of Conditions 3(a) to (d) (inclusive), (f) and (g) ("D")



Last day for dealings in, and for the registration of transfer of, William Hill Shares

D+1 Business Day

Scheme Record Time

6:00 p.m. on D+1 Business Day

Disablement of CREST in respect of William Hill Shares

6:00 p.m. on D+1 Business Day

Suspension of dealings in William Hill Shares

by 7:30 a.m. on D+2 Business Days

Effective Date of the Scheme

D+2 Business Days

Cancellation of listing of William Hill Shares

by 7:30 a.m. on D+3 Business Days

Latest date for despatch of cheques and crediting of CREST accounts for cash consideration due under the Scheme

within 14 days of the Effective Date

Long Stop Date (6)

31 December 2021

I'm a little confused by the above timetable...
In plain language, what actual date can we expect payment?

Seasons Greetings!

Changeable

[PinkDalek]

I'm a little confused by the above timetable...
In plain language, what actual date can we expect payment? ...

I haven't searched further (not being a shareholder) but a later RNS Number : 9173F William Hill PLC 19 November 2020 included (my underlining & bold):

Update on Clearances

By way of update, William Hill and Caesars are pleased to confirm that, on 12 November 2020, the relevant Austrian competition authorities issued a declaration to the effect that the Acquisition is not subject to Section 17 (Durchführungsverbot) of the Austrian Cartel Act (Kartellgesetz 2005) with immediate effect. Condition 3(b) (relating to the Austrian merger control condition), as set out in Part III of the Scheme Document, has therefore been satisfied.

Following their initial interactions with competition and regulatory authorities over the applicable approval processes, and likely timetables for those processes, Caesars' current expectation is that the necessary competition and regulatory approvals will be obtained in the second quarter of 2021 and possibly as early as the end of March 2021.

Completion of the Acquisition remains subject to the other outstanding Conditions, including the Court sanctioning the Scheme at the Scheme Court Hearing, all as set out in Part III of the Scheme Document.

I don't think it is possible at this stage to say when you can expect payment and/or the the offer will complete but you could keep an eye out here https://www.williamhillplc.com/investors-centre/offer-for-the-company/.

Edit: To include the link to the 19 November 2020 RNS - the above being an extract only and it is always best to study the entirety:

https://www.investegate.co.uk/william-hill-plc/rns/recommended-cash-acqusition/202011191353339173F/

[Changeable]

I haven't searched further (not being a shareholder) but a later RNS Number : 9173F William Hill PLC 19 November 2020 included (my underlining & bold):

Update on Clearances

By way of update, William Hill and Caesars are pleased to confirm that, on 12 November 2020, the relevant Austrian competition authorities issued a declaration to the effect that the Acquisition is not subject to Section 17 (Durchführungsverbot) of the Austrian Cartel Act (Kartellgesetz 2005) with immediate effect. Condition 3(b) (relating to the Austrian merger control condition), as set out in Part III of the Scheme Document, has therefore been satisfied.

Following their initial interactions with competition and regulatory authorities over the applicable approval processes, and likely timetables for those processes, Caesars' current expectation is that the necessary competition and regulatory approvals will be obtained in the second quarter of 2021 and possibly as early as the end of March 2021.

Completion of the Acquisition remains subject to the other outstanding Conditions, including the Court sanctioning the Scheme at the Scheme Court Hearing, all as set out in Part III of the Scheme Document.

I don't think it is possible at this stage to say when you can expect payment and/or the the offer will complete but you could keep an eye out here https://www.williamhillplc.com/investor ... e-company/.

Edit: To include the link to the 19 November 2020 RNS - the above being an extract only and it is always best to study the entirety:

https://www.investegate.co.uk/william-h ... 53339173F/

That would explain why I couldn't find the payment date.

I had found that link, but no clear mention of a timetable for payment.

I should have sold on the announcement of the take over...

Seasons greetings and thanks for the information Pink !